Mt.Gox files for liquidation

Home » Mt.Gox files for liquidation

mtgox-newAfter nearly two months under bankruptcy protection, defunct bitcoin exchange Mt.Gox has officially ended all plans to rebuild. Earlier today, Mt.Gox’s attorney’s asked a Tokyo court to allow the company to begin the liquidation process. The move comes as a blow to the exchanges former customers, many of whom hoped a buyer for the company could be found. Investors generally recoup much less in liquidation proceedings.

In the filing documents posted to the Mt.Gox website, the company blames a lack of prospective buyers and logistical challenges for the change of plan. With over 127,000 creditors all over the world, the prospects of creating a functional rehabilitation plan have always been slim.

During the following 1 month and a half, an investigation has proceeded with regard to the past factual elements related to the disappearance of bitcoins and missing funds which were the cause of said application, but it is expected that said investigation will still require some time and at this time, there are no prospects for the restart of the business. … Further, MtGox Co., Ltd. is continuing the negotiations with sponsor candidates but the concrete selection process has not yet started.”

The filing concludes with an apology for the liquidation move, noting the “great inconvenience and concerns to our creditors.”

Although the liquidation has not yet been approved by the court, the liquidation is considered extremely likely. Mt.Gox’s remaining assets, including 200,000 BTC ($101 million at current rates), would be handed over to a court-appointed provisional administrator should the move be approved. The company has more than $63.6 million in outstanding debts, not counting the 650,000 BTC (roughly $330 million) still owed to customers.

Mt.Gox and CEO Mark Karpeles still face legal action, including a class-action lawsuit, in the United States and Canada.

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